Sunday, October 11, 2009

This is the most wildly dangerous thing I have seen in 100 years of economic policy in Britain

Joe Murphy, Political Editor - London Evening Standard09.10.09

David Cameron's economic plans have been branded “wildly dangerous” by a former senior Bank of England official.

Economist David Blanchflower, former member of the Bank's monetary policy committee, said the Tories would risk plunging Britain into a deeper recession by turning off the Government's measures to stimulate recovery.

In his conference speech at Manchester, Mr Cameron said quantitative easing should end “soon”. Mr Blanchflower called the stance “bizarre” and told the Daily Mail that calling off stimulus too early would snuff out recovery. “This is the most wildly dangerous thing I have seen in 100 years of economic policy in Britain” he added. He said the Tories showed “no understanding of economics”: “It could drive the economy into depression.”

The Bank has held interest rates at their 0.5 per cent record low. So far it has created £146 billion of fresh cash, buying up debt in the form of government and corporate bonds. Mr Cameron said: “If we spend more than we earn, we have to get the money from somewhere. Right now, the Government is simply printing it. Sometime soon that will have to stop, because printing money leads to inflation.”

Chancellor Alistair Darling said: “If we stop supporting the economy now it would crash.”

That which is impenetrable to us really exists. Behind the secrets of nature remains something subtle, intangible, and inexplicable. Veneration for this force beyond anything that we can comprehend is my religion.

Never, never be afraid to do what's right, especially if the well-being of a person or animal is at stake. Society's punishments are small compared to the wounds we inflict on our soul when we look the other way.

Ah! what a divine religion might be found out if charity were really made the principle of it instead of faith.

Shelley

Plenty of kind, decent, caring people have no religious beliefs, and they act out of the goodness of their hearts. Conversely, plenty of people who profess to be religious, even those who worship regularly, show no particular interest in the world beyond themselves.